Ripple CEO Brad Garlinghouse said the company expects to more than double its revenue year over year, crediting an institutional and infrastructure-focused business model that insulates the company from retail trading volatility.
Garlinghouse noted that companies relying heavily on retail trading volume face structural vulnerability during market downturns. When a company's revenue is tied directly to asset prices, a 50% price decline translates into a roughly equivalent revenue decline, he said, a dynamic that has driven layoffs across the industry and contributed to some exchanges shutting down during the current bear market.
Early Strategy Gains Industry Recognition
Ripple has long pursued a strategy of connecting traditional finance with decentralized finance, a positioning Garlinghouse said was initially viewed skeptically within the crypto industry by those who believed the entire financial system needed to move fully on-chain to be legitimate.
Garlinghouse argued that traditional financial infrastructure will continue to matter because the world still operates under existing laws and regulatory frameworks. He said that unless the entire global financial system migrates on-chain—an outcome he characterized as taking "longer than I'll be alive"—bridges between traditional and decentralized finance remain necessary.
The CEO said more companies and investors are increasingly recognizing that infrastructure and institutional services, rather than retail trading volume, represent where long-term value in crypto is being built. He referenced Kraken as another company making a similar institutional pivot, though noted that Kraken remains a private company and does not disclose all financial details publicly.
